New tenants spending almost €1,600 per month on rent

Michael Bolton

Figures published by the Residential Tenancies Board (RTB) show the average rent for new tenants has increased to €1,598.

The latest report from the RTB for Q3 2023 show the average rent for new tenants is higher than existing tenants, who are on average spending €1,357 per month.

In Q3 2023 the standardised average rent in new tenancies grew by 11 per cent year-on-year and in existing tenancies grew by 5.2 per cent.

The  average rent for new tenancies in Dublin in Q3 2023 was €2,113, or €325 (18.2 per cent) higher than the average rent for existing tenancies which stood at €1,788.

The number of new tenancies registered with the RTB in Q3 2023 was 14,000, an increase from the 11,789 observations in Q2 2023 and a fall of 37.7 per cent compared to the third quarter in 2022.

New tenancy rents for houses in Dublin grew by 12.7 per cent since Q3 2022, their highest annual growth rate recorded to date.

In Q3 2023, 29.5 per cent of new tenancy rents were more than €2,000. In Dublin, 50.5 per cent of new tenancies paid more than €2,000.

The lowest monthly rents were in Leitrim where the standardised average rent in new tenancies stood at €853 per month.

The lowest growth in the standardised average rent in new tenancies in Q3 2023 was in Kildare, where new tenancy rents grew by eight per cent and the highest was in Wexford, at 23.5 per cent.

Speaking on the publication of the report, Deputy Director of the RTB, Lucia Crimin commented “The RTB is very pleased to partner once again with the ESRI to produce the Q3 2023 Rent Index report.

"Although rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies are lower than in new tenancies. The report provides robust insights into the private rental sector by tracking rental price developments in new and existing tenancies.”

Wayne Stanley, Executive Director at the Simon Communities of Ireland said: “The difference between existing and new tenancies is the gap that too many families and individuals are not able to bridge. In combination with rising cost and short supply, it is a driving factor in homelessness.”